SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the
month of July 2024
RYANAIR HOLDINGS PLC
(Translation
of registrant's name into English)
c/o Ryanair Ltd Corporate Head Office
Dublin Airport
County Dublin Ireland
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file
annual
reports
under cover Form 20-F or Form 40-F.
Form
20-F..X.. Form 40-F
Indicate
by check mark whether the registrant by furnishing the
information
contained
in this Form is also thereby furnishing the information to
the
Commission
pursuant to Rule 12g3-2(b) under the Securities
Exchange
Act of
1934.
Yes
No ..X..
If
"Yes" is marked, indicate below the file number assigned to the
registrant
in
connection with Rule 12g3-2(b): 82- ________
RYANAIR REPORTS Q1 PROFIT DOWN 46% TO €360M
AS TRAFFIC GROWS 10%TO 55.5M AT 15% LOWER AIR
FARES
Ryanair
Holdings plc today (22 July) reported Q1 profit of €360m,
compared to a prior-year Q1 PAT of €663m, as strong traffic
growth (+10%) to 55.5m customers, was offset by half of Easter
falling into PYQ4 and weaker than expected air fares in the
quarter.
Q1
End:
|
June 2023
|
June 2024
|
Change
|
Customers
|
50.4m
|
55.5m
|
+10%
|
Load
Factor
|
95%
|
94%
|
-1%
pt
|
Ave.
fare
|
€49.07
|
€41.93
|
-15%
|
Revenue
|
€3.65bn
|
€3.63bn
|
-1%
|
Op.
Costs
|
€2.94bn
|
€3.26bn
|
+11%
|
PAT
|
€663m
|
€360m
|
-46%
|
Q1
Highlights include:
●
Traffic grew 10% to 55.5m,
despite multiple Boeing delivery delays.
●
Rev. per pax fell 10% (ave. fare
down 15% & ancil. rev. flat).
●
156x B737 "Gamechangers"
in 594 fleet at 30 June (20 less than budget).
●
Record Summer schedule launched
(5 new bases, over 200 new S.24 routes).
●
Multiple "Approved OTA"
partnerships signed to protect consumers.
●
Fuel hedges extended: 75% FY25 at
under $80bbl saves over €450m & c.45% FY26 at
$78bbl.
● Over 50% of €700m share
buyback completed.
Ryanair Group CEO Michael O'Leary, said:
ENVIRONMENT:
"Ryanair is Europe's No. 1 rated airline for ESG
by Sustainalytics, and enjoys industry leading ratings from both
MSCI (A) and CDP (A-). Our new aircraft and increasing use of
SAF has positioned Ryanair as one of the EU's most environmentally
efficient major airlines. During Q1 we took delivery of 10x
B737-8200 "Gamechangers" (4%
more seats, 16% less fuel & CO2) and continued to retro-fit
winglets to our B737NG fleet (target 409 by 2026), reducing fuel
burn by 1.5% and noise by 6%. In April we extended our
partnership with Trinity College Dublin's Sustainable Aviation
Research Centre ("TCD") to 2030. TCD's facility supports the
acceleration of SAF deployment, and funds important non-CO2
research. Recently proposed EU legislation confining the
monitoring of aviation's non-CO2 impact to only intra-EU flights
(yet again exempting long haul flights, which account for the
majority of EU aviation emissions) is indefensible and undermines
the EU's green agenda and credibility. We call on the EU
Commission to adopt a "polluter pays" principle and to end the
indefensible exemption of polluting long-haul flights from EU
enviro. regulation.
In
the last 10 days of June we suffered a significant deterioration in
European ATC capacity which caused multiple flight delays and
cancellations, especially on first wave morning flights, making it
more urgent than ever that the new EU Commission and Parliament
deliver long delayed reform of Europe's hopelessly inefficient ATC
services. This can be achieved by properly staffing of
Europe's ATC services and protecting overflights (during national
strikes) which would deliver revolutionary environmental
improvements in EU air travel.
FLEET & GROWTH:
The
Ryanair Group had 156x B737 Gamechangers at 30 June and we expect
to increase this to over 160 by the end of July (20 short of our
contracted S.24 deliveries). We continue to work with Boeing
(Stephanie Pope & Brian West) and have noted an improvement in
the quality and frequency of deliveries during Q1. While
there remains a risk that Boeing deliveries could slip further, our
focus has now turned to ensuring timely delivery of our remaining
50 Gamechangers ahead of S.25.
This
summer we're operating our largest ever schedule with over 200 new
routes (and 5 new bases) as we deliver as much low fare growth as
possible for our passengers and airport partners in FY25.
We've launched a new Tangier base and, following Calabria's recent
decision to abolish the Municipal Tax at its regional airports, we
will base a second aircraft in both Reggio Calabria (from W.24) and
Lamezia (for S.25). To facilitate this growth, Lauda has extended
op. leases on 3 of its A320s to 2028. We will also continue
to take delivery of B737s through Aug. and Sept. even though we
will be unable to schedule these aircraft for peak Summer
flights.
We
expect European short-haul capacity to remain constrained for some
years as A320 operators work through significant P&W engine
repairs, OEMs struggle with delivery backlogs, and airline
consolidation continues, including Lufthansa's recently approved
takeover of ITA (Italy), IAG's delayed takeover of Air Europa
(Spain) and the upcoming sale of TAP (Portugal). These
capacity constraints, combined with our significant unit cost
advantage, a strong balance sheet, low-cost aircraft orders and
industry leading OTP, will underpin a decade of low-fare profitable
growth to 300m passengers by FY34.
Q1 FY25 BUSINESS REVIEW:
Revenue & Costs:
Q1
scheduled revenue fell 6% to €2.33bn. While traffic
grew 10% to 55.5m, our customers enjoyed substantial savings thanks
to 15% lower fares due, in part, to the absence of the first half
of Easter which fell into March, and more price stimulation than we
had previously expected. Ancillary sales rose 10% to
€1.30bn (c.€23.40 per passenger). As a result,
total revenue declined 1% to €3.63bn. Operating costs
increased 11% to €3.26bn, marginally ahead of traffic growth,
as fuel hedge savings offset higher staff and other costs which was
in part due to Boeing delivery delays.
Our
FY25 fuel volumes are 75% hedged at just under $80bbl and 85% of
€/$ opex is hedged at $1.11, locking in over €450m
savings. We have taken advantage of recent oil price weakness
to increase our FY26 fuel hedging to almost 45% at c.$78bbl.
This strong hedge position helps insulate the Group from
significant fuel price volatility.
Balance Sheet & Liquidity:
Ryanair's
balance sheet is one of the strongest in the industry with a BBB+
credit rating (both S&P and Fitch) and €4.49bn gross cash
at quarter end, despite €0.50bn capex and €0.25bn share
buybacks. Net cash increased to €1.74bn at 30 June
(€1.37bn at 31 Mar.). Our owned B737 fleet (566
aircraft) is fully unencumbered, widening our cost advantage over
competitor airlines, many of whom are exposed to expensive lease
and financing costs.
SHAREHOLDER RETURNS:
A
€700m share buyback commenced in May. To date we have
completed over 50% of the programme. When complete, Ryanair
will have returned over €7.8bn to shareholders since
2008. A final dividend of €0.178 per share is due to be
paid in Sept.
Ryanair's
ADSs are traded on NASDAQ. Following a recent review, the
Board has approved a change to the ADS ratio so that one ADS will
equal two Ordinary Shares, a 2:1 ratio (currently 5:1). This
change will be formally announced, and implemented, in the coming
weeks and requires no action from ADS holders. The purpose of
the change is to bring the Ryanair ADS price broadly in line with
current market norms. As the ADS price will be reduced, they
should be more attractive to new investors which potentially will
increase ADS liquidity.
OUTLOOK:
FY25
traffic is expected to grow 8% (198m to 200m passengers), subject
to no worsening Boeing delivery delays. As previously guided,
we expect unit costs to rise modestly this year as ex-fuel costs
(incl. pay & productivity increases, higher handling & ATC
fees and the impact of multiple B737 delivery delays) are
substantially offset by our fuel hedge savings, and rising net
interest income, which widen Ryanair's cost advantage over its
competitors. While Q2 demand is strong, pricing remains
softer than we expected, and we now expect Q2 fares to be
materially lower than last summer (previously expected to be flat
to modestly up). The final H1 outcome is, however, totally
dependent on close-in bookings and yields in Aug. and Sept.
As is normal at this time of year, we have almost zero Q3 and Q4
visibility, although Q4 will not benefit from last year's early
Easter. It is too early to provide meaningful FY25 PAT
guidance, although we hope to be able to do so at our H1 results in
Nov. The final FY25 outcome remains subject to avoiding
adverse developments during FY25 (especially given continuing
conflicts in Ukraine and the Middle East, repeated ATC
short-staffing and capacity restrictions, or further Boeing
delivery delays)."
ENDS
For
further information
please
contact:
www.ryanair.com
|
Neil
Sorahan
Ryanair
Holdings plc
Tel:
+353-1-9451212
|
Paul
Clifford
Drury
Tel:
+353-1-260-5000
|
Ryanair Holdings plc, Europe's largest airline group, is the parent
company of Buzz, Lauda, Malta Air, Ryanair & Ryanair UK.
Carrying c.200m guests p.a. on over 3,600 daily flights from 95
bases, the Group connects 235 airports in 37 countries on a fleet
of 594 aircraft, with a further 364 Boeing 737 on order, which will
enable the Ryanair Group to grow traffic to 300m p.a. by FY34.
Ryanair has a team of over 27,000 highly skilled aviation
professionals delivering Europe's No.1 operational performance, and
an industry leading 39-year safety record. Ryanair is one of the
most efficient major EU airlines. With a young fleet and high
load factors, Ryanair's CO₂ per pax/km is just 65
grams.
|
|
|
Certain of the information included in this release is forward
looking and is subject to important risks and uncertainties that
could cause actual results to differ materially. It is not
reasonably possible to itemise all of the many factors and specific
events that could affect the outlook and results of an airline
operating in the European economy. Among the factors that are
subject to change and could significantly impact Ryanair's expected
results are the airline pricing environment, fuel costs,
competition from new and existing carriers, market prices for the
replacement of aircraft, costs associated with environmental,
safety and security measures, actions of the Irish, U.K., European
Union ("EU") and other governments and their respective regulatory
agencies, post-Brexit uncertainties, weather related disruptions,
ATC strikes and staffing related disruptions, delays in the
delivery of contracted aircraft, fluctuations in currency exchange
rates and interest rates, airport access and charges, labour
relations, the economic environment of the airline industry, the
general economic environment in Ireland, the U.K. and Continental
Europe, the general willingness of passengers to travel and other
economics, social and political factors, global pandemics such as
Covid-19 and unforeseen security events.
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Interim Balance Sheet as at June 30, 2024
(unaudited)
|
|
At Jun 30,
|
At
Mar 31,
|
|
|
2024
|
2024
|
|
Note
|
€M
|
€M
|
Non-current
assets
|
|
|
|
Property, plant and
equipment
|
|
10,942.5
|
10,847.0
|
Right-of-use
asset
|
|
171.4
|
166.5
|
Intangible
assets
|
|
146.4
|
146.4
|
Derivative
financial instruments
|
10
|
59.6
|
3.3
|
Deferred
tax
|
|
2.1
|
2.1
|
Other
assets
|
|
169.8
|
183.2
|
Total
non-current assets
|
|
11,491.8
|
11,348.5
|
|
|
|
|
Current
assets
|
|
|
|
Inventories
|
|
5.8
|
6.2
|
Other
assets
|
|
1,627.9
|
1,275.4
|
Trade
receivables
|
10
|
100.5
|
76.4
|
Derivative
financial instruments
|
10
|
299.7
|
349.5
|
Restricted
cash
|
10
|
6.4
|
6.4
|
Financial assets:
cash > 3 months
|
10
|
526.1
|
237.8
|
Cash
and cash equivalents
|
10
|
3,955.1
|
3,875.4
|
Total
current assets
|
|
6,521.5
|
5,827.1
|
|
|
|
|
Total
assets
|
|
18,013.3
|
17,175.6
|
|
|
|
|
Current
liabilities
|
|
|
|
Provisions
|
|
70.2
|
46.0
|
Trade
payables
|
10
|
873.8
|
792.2
|
Accrued
expenses and other liabilities
|
|
5,857.8
|
5,227.6
|
Current
lease liability
|
|
39.5
|
39.4
|
Current
maturities of debt
|
10
|
45.0
|
50.0
|
Derivative
financial instruments
|
10
|
56.1
|
178.8
|
Current
tax
|
|
64.5
|
66.6
|
Total
current liabilities
|
|
7,006.9
|
6,400.6
|
|
|
|
|
Non-current
liabilities
|
|
|
|
Provisions
|
|
114.9
|
138.1
|
Derivative
financial instruments
|
10
|
1.2
|
3.3
|
Deferred
tax
|
|
397.8
|
362.0
|
Non-current lease
liability
|
|
132.4
|
125.2
|
Non-current
maturities of debt
|
10
|
2,533.6
|
2,532.2
|
Total
non-current liabilities
|
|
3,179.9
|
3,160.8
|
|
|
|
|
Shareholders'
equity
|
|
|
|
Issued
share capital
|
|
6.8
|
6.9
|
Share
premium account
|
|
1,414.3
|
1,404.3
|
Other
undenominated capital
|
|
3.6
|
3.5
|
Retained
earnings
|
|
6,009.3
|
5,899.8
|
Other
reserves
|
|
392.5
|
299.7
|
Total
shareholders' equity
|
|
7,826.5
|
7,614.2
|
|
|
|
|
Total
liabilities and shareholders' equity
|
|
18,013.3
|
17,175.6
|
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Interim Income Statement for the Quarter
Ended June 30, 2024 (unaudited)
|
|
|
Change
|
IFRS
|
IFRS
|
Quarter Ended
|
Quarter Ended
|
June 30, 2024
|
June 30, 2023
|
|
|
Note
|
%*
|
€M
|
€M
|
Operating revenues
|
|
|
|
|
|
Scheduled revenues
|
|
-6%
|
2,328.9
|
2,473.7
|
|
Ancillary revenues
|
|
+10%
|
1,297.2
|
1,175.6
|
Total operating revenues
|
7
|
-1%
|
3,626.1
|
3,649.3
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
Fuel and oil
|
|
-6%
|
1,421.9
|
1,338.1
|
|
Airport and handling charges
|
|
-13%
|
467.2
|
414.1
|
|
Staff costs
|
|
-25%
|
448.3
|
359.8
|
|
Depreciation
|
|
-14%
|
313.2
|
274.9
|
|
Route charges
|
|
-14%
|
307.5
|
269.3
|
|
Marketing, distribution and other
|
|
-9%
|
219.3
|
201.3
|
|
Maintenance, materials and repairs
|
|
-3%
|
83.0
|
80.6
|
Total operating expenses
|
|
-11%
|
3,260.4
|
2,938.1
|
|
|
|
|
|
|
Operating profit
|
|
-49%
|
365.7
|
711.2
|
Other income
|
|
|
|
|
|
Net finance income
|
|
+55%
|
28.1
|
18.1
|
|
Foreign exchange
|
|
|
7.0
|
11.4
|
Total other income
|
|
|
35.1
|
29.5
|
|
|
|
|
|
|
Profit before tax
|
|
-46%
|
400.8
|
740.7
|
|
|
|
|
|
|
|
Tax charge on profit
|
4
|
|
(40.8)
|
(77.8)
|
|
|
|
|
|
|
Profit for the quarter - attributable to equity holders of
parent
|
-46%
|
360.0
|
662.9
|
|
|
|
|
|
Earnings per ordinary share (€)
|
|
|
|
|
|
Basic
|
|
-46%
|
0.3164
|
0.5822
|
|
Diluted
|
|
-46%
|
0.3145
|
0.5794
|
|
Weighted avg. no. of ord. shares (in Ms)
|
|
|
|
|
|
Basic
|
|
|
1,137.9
|
1,138.7
|
|
Diluted
|
|
|
1,144.6
|
1,144.1
|
*'+' is favourable and '-' is adverse
period-on-period.
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Interim Statement of Comprehensive Income
for the Quarter Ended June 30, 2024 (unaudited)
|
Quarter
|
Quarter
|
|
Ended
|
Ended
|
|
June 30,
|
June 30,
|
2024
|
2023
|
|
€M
|
€M
|
|
|
|
Profit for the quarter
|
360.0
|
662.9
|
|
|
|
Other comprehensive income/(loss):
|
|
|
Items that are or may be reclassified subsequently to profit or
loss:
|
|
|
Movements in hedging reserve, net of tax:
|
|
|
Net movement in cash-flow hedge reserve
|
98.6
|
(162.8)
|
Other comprehensive income/(loss) for the quarter, net of income
tax
|
98.6
|
(162.8)
|
Total comprehensive income for the quarter - attributable to equity
holders of parent
|
|
|
458.6
|
500.1
|
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Interim Statement of Cash Flows for the
Quarter Ended June 30, 2024 (unaudited)
|
|
|
Quarter
|
Quarter
|
|
|
|
Ended
|
Ended
|
|
|
|
June 30,
|
June 30,
|
|
2024
|
2023
|
|
|
Note
|
€M
|
€M
|
Operating activities
|
|
|
|
|
Profit after tax
|
|
360.0
|
662.9
|
|
|
|
|
|
Adjustments to reconcile profit after tax to net cash from
operating activities
|
|
|
|
|
Depreciation
|
|
313.2
|
274.9
|
|
Decrease in inventories
|
|
0.4
|
0.8
|
|
Tax charge on profit
|
|
40.8
|
77.8
|
|
Share based payments
|
|
2.5
|
5.4
|
|
(Increase) in trade receivables
|
|
(24.1)
|
(28.9)
|
|
(Increase)/decrease in other assets
|
|
(303.4)
|
91.8
|
|
Increase in trade payables
|
|
147.8
|
17.6
|
|
Increase in accrued expenses and other liabilities
|
|
633.2
|
136.4
|
|
(Decrease) in provisions
|
|
(3.2)
|
(1.1)
|
|
(Decrease)/increase in finance income
|
|
(8.6)
|
8.8
|
|
(Increase) in finance expense
|
|
(1.5)
|
(0.2)
|
|
Foreign exchange
|
|
(5.2)
|
10.4
|
|
Income tax (paid)
|
|
(25.2)
|
(5.0)
|
Net cash inflow from operating activities
|
|
1,126.7
|
1,251.6
|
|
|
|
|
|
Investing activities
|
|
|
|
|
Capital expenditure - purchase of property, plant and
equipment
|
|
(501.5)
|
(1,063.5)
|
|
(Increase) in financial assets: cash > 3 months
|
|
(288.3)
|
(809.5)
|
Net cash (used in) investing activities
|
|
(789.8)
|
(1,873.0)
|
|
|
|
|
|
Financing activities
|
|
|
|
|
Proceeds from shares issued
|
|
-
|
2.6
|
|
Share buy back
|
11
|
(248.8)
|
-
|
|
Repayment of borrowings
|
|
(5.0)
|
(14.5)
|
|
Lease liabilities paid
|
|
(8.6)
|
(11.2)
|
Net cash (used in) financing activities
|
|
(262.4)
|
(23.1)
|
|
|
|
|
|
Increase/(decrease) in cash and cash equivalents
|
|
74.5
|
(644.5)
|
|
Net foreign exchange gain
|
|
5.2
|
-
|
|
Cash and cash equivalents at beginning of the quarter
|
|
3,875.4
|
3,599.3
|
Cash and cash equivalents at end of the quarter
|
|
3,955.1
|
2,954.8
|
|
|
|
|
Included in the cash flows from operating activities for the
quarter are the following amounts:
|
|
|
|
Interest
income received
|
|
36.5
|
29.7
|
Interest
expense paid
|
|
(19.8)
|
(20.8)
|
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Interim Statement of Changes in
Shareholders' Equity for the Quarter Ended June 30, 2024
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued
|
Share
|
Other
|
|
Other
|
|
|
|
Ordinary
|
Share
|
Premium
|
Undenom.
|
Retained
|
Reserves
|
Other
|
|
|
Shares
|
Capital
|
Account
|
Capital
|
Earnings
|
Hedging
|
Reserves
|
Total
|
|
M
|
€M
|
€M
|
€M
|
€M
|
€M
|
€M
|
€M
|
Balance at April 01, 2023
|
1,138.7
|
6.9
|
1,379.9
|
3.5
|
4,180.0
|
31.4
|
41.3
|
5,643.0
|
Profit
for the year
|
-
|
-
|
-
|
-
|
1,917.1
|
-
|
-
|
1,917.1
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
Net
actuarial gains from retirement benefit plans
|
-
|
-
|
-
|
-
|
6.6
|
-
|
-
|
6.6
|
Net
movements in cash-flow reserve
|
-
|
-
|
-
|
-
|
-
|
234.5
|
-
|
234.5
|
Total
other comprehensive income
|
-
|
-
|
-
|
-
|
6.6
|
234.5
|
-
|
241.1
|
Total
comprehensive income
|
-
|
-
|
-
|
-
|
1,923.7
|
234.5
|
-
|
2,158.2
|
Transactions with owners of the
|
|
|
|
|
|
|
|
|
Company recognised directly in equity
|
|
|
|
|
|
|
|
|
Issue
of ordinary equity shares
|
1.4
|
-
|
24.4
|
-
|
(8.0)
|
-
|
-
|
16.4
|
Dividends
paid
|
-
|
-
|
-
|
-
|
(199.5)
|
-
|
-
|
(199.5)
|
Share-based
payments
|
-
|
-
|
-
|
-
|
-
|
-
|
(3.9)
|
(3.9)
|
Transfer
of exercised and expired share-based awards
|
-
|
-
|
-
|
-
|
3.6
|
-
|
(3.6)
|
-
|
Balance at March 31, 2024
|
1,140.1
|
6.9
|
1,404.3
|
3.5
|
5,899.8
|
265.9
|
33.8
|
7,614.2
|
Profit
for the quarter
|
-
|
-
|
-
|
-
|
360.0
|
-
|
-
|
360.0
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
Net
movements in cash-flow reserve
|
-
|
-
|
-
|
-
|
-
|
98.6
|
-
|
98.6
|
Total
other comprehensive income
|
-
|
-
|
-
|
-
|
-
|
98.6
|
-
|
98.6
|
Total
comprehensive income
|
-
|
-
|
-
|
-
|
360.0
|
98.6
|
-
|
458.6
|
Transactions with owners of the
|
|
|
|
|
|
|
|
|
Company recognised directly in equity
|
|
|
|
|
|
|
|
|
Issue
of ordinary equity shares
|
0.6
|
-
|
10.0
|
-
|
(10.0)
|
-
|
-
|
-
|
Repurchase
of ordinary equity shares
|
-
|
-
|
-
|
-
|
(248.8)
|
-
|
-
|
(248.8)
|
Cancellation
of repurchased shares
|
(11.7)
|
(0.1)
|
-
|
0.1
|
-
|
-
|
-
|
-
|
Share-based
payments
|
-
|
-
|
-
|
-
|
-
|
-
|
2.5
|
2.5
|
Transfer
of exercised and expired share-based awards
|
-
|
-
|
-
|
-
|
8.3
|
-
|
(8.3)
|
-
|
Balance at June 30, 2024
|
1,129.0
|
6.8
|
1,414.3
|
3.6
|
6,009.3
|
364.5
|
28.0
|
7,826.5
|
Ryanair Holdings plc and Subsidiaries
MD&A Quarter Ended June 30, 2024 ("Q1 FY25")
Introduction
For the purposes of the Management Discussion and Analysis
("MD&A") (with the exception of the balance sheet commentary)
all figures and comments are by reference to the quarter ended June
30, 2024 results.
Income Statement
Scheduled revenues:
Scheduled revenue was down 6% at
€2.33BN. While
traffic grew 10% to 55.5M, customers enjoyed substantial savings thanks to
15% lower fares due, in part, to the absence of the first half of
Easter which fell into March and more price stimulation than
previously expected.
Ancillary revenues:
Ancillary revenue rose 10% to
€1.30BN, in line
with traffic growth (c. €23.40 per passenger). A solid
performance in reserved seating and onboard sales, was offset
somewhat by softer priority boarding.
Total revenues:
As a result of the above, total revenue
declined 1% to
€3.63BN.
Operating Expenses:
Fuel and oil:
Fuel and oil rose 6% to
€1.42BN, well below
the 11% increase in sectors flown due to favourable jet fuel
hedging and lower fuel burn on the new B737-8200 "Gamechanger"
aircraft.
Airport and handling charges:
Airport and handling charges rose 13% to
€0.47BN, ahead of the 11%
increase in sectors, due to higher ground ATC and handling
rates.
Staff costs:
Staff costs increased 25% to
€0.45BN due to the
larger fleet, 11% higher sectors, Boeing delivery delays leading to
higher crewing ratios, and the annualisation of crew productivity
pay increases implemented late last year.
Depreciation:
Depreciation increased 14% to
€0.31BN, primarily due to
higher amortisation resulting from higher aircraft utilisation
(flight hours up 11%) and 37 more "Gamechanger" aircraft in the
fleet.
Route charges:
Route charges increased 14% to
€0.31BN, due to the 11%
increase in flight hours and higher Eurocontrol
rates.
Marketing, distribution and other:
Marketing, distribution and other rose 9% to
€0.22BN, less than
the 10% traffic growth, as lower EU261 and other operating expenses
were offset by higher onboard input costs due to increased
sales.
Maintenance, materials and repairs:
Maintenance, materials and repairs
increased 3% to
€83M as higher
utilisation was partially offset by supplier
credits.
Other income:
Net finance income was 55% ahead at €28M due to higher deposits and lower gross debt,
as the Group maintained a strong net cash position throughout the
quarter. Foreign exchange translation reflects the impact of
€/US$ exchange rate movements on balance sheet
revaluations.
Balance sheet:
Gross cash was €4.49BN at
June 30, 2024 despite €0.50BN capex and €0.25BN share
buybacks. Gross debt was €2.75BN and
net cash was €1.74BN at
June 30, 2024 (€1.37BN at March 31,
2024).
Shareholders' equity:
Shareholders' equity increased by €0.21BN to
€7.83BN in the
period primarily due to a €0.36BN net
profit and an IFRS hedge accounting increase in derivatives
of €0.10BN,
offset by a €0.25BN repurchase
(and cancellation) of ordinary shares.
Ryanair Holdings plc and Subsidiaries
Interim Management Report
Introduction
This financial report for the quarter ended June 30, 2024 meets the
reporting requirements pursuant to the Transparency (Directive
2004/109/EC) Regulations 2007 and Transparency Rules of the Central
Bank (Investment Market Conduct) Rules 2019.
This interim management report includes the following:
● Principal
risks and uncertainties relating to the remaining nine months of
the year;
● Related
party transactions; and
● Post
balance sheet events.
Results of operations for the quarter ended June 30, 2024 compared
to the quarter ended June 30, 2023, including important events that
occurred during the quarter, are set forth above in the
MD&A.
Principal risks and uncertainties for the remainder of the
year
Jet fuel is subject to wide price fluctuations as a result of many
economic and political factors and events occurring throughout the
world that Ryanair can neither control nor accurately predict,
including increases in demand, sudden disruptions in supply and
other concerns about global supply, as well as market speculation.
Oil prices increased significantly following Russia's invasion of
Ukraine in February 2022 and remain volatile in light of the
Israel-Hamas conflict in the Middle East.
Despite the Group's strong recovery from the Covid-19 pandemic,
future developments may again have a material adverse impact on the
Company's business, results of operations, financial condition and
liquidity.
Among other factors that are subject to change and could
significantly impact Ryanair's expected results for the remainder
of the year are the airline pricing environment, capacity growth in
Europe, competition from new and existing carriers, market prices
for the replacement of aircraft, costs associated with
environmental, safety and security measures, the availability of
appropriate insurance coverage, actions of the Irish, U.K.,
European Union ("EU") and other governments and their respective
regulatory agencies, delays in the delivery of contracted aircraft,
supply chain disruptions/delays, weather related disruptions, ATC
strikes and staffing related disruptions, uncertainties surrounding
Brexit, fluctuations in currency exchange rates and interest rates,
airport access and charges, labour relations, increasing fares to
cover rising business costs, cyber security risks and increased
costs to minimise those risks, increasingly complex data protection
laws and regulations, dependence on key personnel, the expectation
that corporation tax rates will rise, the economic environment of
the airline industry, the general economic environment in Ireland,
the U.K., and Continental Europe, including the risk of a recession
or significant economic slowdown, the general willingness of
passengers to travel, other economic, social and political factors
and unforeseen security events.
Board of Directors
Details of the members of the Company's Board of Directors are set
forth on pages 123 and 124 of the Group's 2024 Annual Report. As
highlighted in that report, Michael Cawley and Louise Phelan
retired from the Board in June 2024, and both Jinane Laghrari Laabi
and Amber Rudd were appointed to the Board with effect from July 1,
2024.
Related party transactions -
Please see note 9.
Post balance sheet events -
Please see note 12.
Going concern
The Directors, having made inquiries, believe that the Group has
adequate resources to continue in operational existence for at
least the next 12 months and that it is appropriate to adopt the
going concern basis in preparing these condensed consolidated
interim financial statements. The continued preparation of the
Group's condensed consolidated interim financial statements on the
going concern basis is supported by the financial projections
prepared by the Group.
In arriving at this decision to adopt the going concern basis of
accounting, the Board has considered, among other
things:
● The
Group's net profit of €0.36BN in the quarter ended June 30,
2024;
● The
Group's liquidity, with €4.49BN gross cash and €1.74BN
net cash at June 30, 2024, €0.26BN undrawn funds under the
Group's €0.75BN revolving credit facility and the Group's
continued focus on cash management;
● The
Group's solid BBB+ (stable) credit ratings from both S&P and
Fitch Ratings;
● The
Group's strong balance sheet position with its 566 owned B737 fleet
unencumbered;
● The
Group's access to the debt capital markets, unsecured/secured bank
debt and sale and leaseback transactions;
● Strong
cost control across the Group;
● The
Group's fuel hedging position (approx. 75% of FY25 and 40% of FY26
jet fuel requirements were hedged at June 30, 2024);
and
● The
Group's ability, as evidenced throughout the Covid-19 crisis, to
preserve cash and reduce operational and capital expenditure in a
downturn.
Ryanair Holdings plc and Subsidiaries
Notes forming Part of the Condensed Consolidated
Interim Financial Statements
1.
Basis of preparation and material accounting policies
Ryanair
Holdings plc (the "Company") is a company domiciled in Ireland. The
unaudited condensed consolidated interim financial statements for
the quarter ended June 30, 2024 comprise the results of the Company
and its subsidiaries (together referred to as the
"Group").
These
unaudited condensed consolidated interim financial statements ("the
interim financial statements"), which should be read in conjunction
with our 2024 Annual Report for the year ended March 31, 2024, have
been prepared in accordance with IAS 34 Interim Financial Reporting
as adopted by the EU ("IAS 34"). They do not include all of the
information required for full annual financial statements and
should be read in conjunction with the most recent published
consolidated financial statements of the Group. The consolidated
financial statements of the Group as at and for the year ended
March 31, 2024, are available at
http://investor.ryanair.com/.
In
adopting the going concern basis in preparing the interim financial
statements, the Directors have considered Ryanair's available
sources of finance including access to the capital markets, sale
and leaseback transactions, secured and unsecured debt structures,
undrawn funds under the Group's revolving credit facility, the
Group's cash on-hand and cash generation and preservation
projections, together with factors likely to affect its future
performance, as well as the Group's principal risks and
uncertainties.
The
June 30, 2024 figures and the June 30, 2023 comparative figures do
not include all of the information required for full annual
financial statements and therefore do not constitute statutory
financial statements of the Group within the meaning of the
Companies Act, 2014. The consolidated financial statements of the
Group for the year ended March 31, 2024, together with the
independent auditor's report thereon, are available on the
Company's Website and will be filed with the Irish Registrar of
Companies following the Company's Annual General Meeting. The
accounting policies, presentation and methods of computation
followed in the unaudited condensed consolidated interim financial
statements are consistent with those applied in the Company's
latest Annual Report.
The
Audit Committee, upon delegation of authority by the Board of
Directors, approved the unaudited condensed consolidated interim
financial statements for the quarter ended June 30, 2024 on July
19, 2024.
Except
as stated otherwise below, the condensed consolidated interim
financial statements for the quarter ended June 30, 2024 have been
prepared in accordance with the accounting policies set out in the
Group's most recent published consolidated financial statements,
which were prepared in accordance with IFRS as adopted by the EU
and also in compliance with IFRS as issued by the International
Accounting Standards Board (IASB).
New IFRS standards and amendments adopted during the
period
The
following new and amended IFRS standards, amendments and IFRIC
interpretations, have been issued by the IASB, and have also been
endorsed by the EU unless stated otherwise. These standards are
effective for the first time for the Group's financial year
beginning on April 1, 2024 and therefore have been applied by the
Group in these condensed consolidated interim financial
statements:
● Amendments
to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments:
Disclosures: Supplier Finance Arrangements (effective on or after
January 1, 2024).
● Amendments
to IAS 1 Presentation of Financial Statements: Classification of
Liabilities as Current or Non-current, Classification of
Liabilities as Current or Non-current - Deferral of Effective Date,
and Non-current Liabilities with Covenants (effective on or after
January 1, 2024).
● Amendments
to IFRS 16 Leases: Lease Liability in a Sale & Leaseback
(effective on or after January 1, 2024).
The
adoption of these new or amended standards did not have a material
impact on the Group's financial position or results in the quarter
ended June 30, 2024, and are not expected to have a material impact
on financial periods thereafter.
New IFRS standards and amendments issued but not yet
effective
The
following new or amended standards and interpretations will be
adopted for the purposes of the preparation of future financial
statements, where applicable. While under review, we do not
anticipate that the adoption of these new or revised standards and
interpretations will have a material impact on our financial
position or performance:
● Amendments
to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of
Exchangeability (effective on or after January 1,
2025).*
● IFRS
18 Presentation and Disclosure in Financial Statements (effective
on or after January 1, 2027).*
● IFRS
19 Subsidiaries without Public Accountability: Disclosures
(effective on or after January 1, 2027).*
● Amendments
to the Classification and Measurement of Financial Instruments
(Amendments to IFRS 9 and IFRS 7) (effective on or after January 1,
2026).*
*
These standards or amendments to standards are not as of yet EU
endorsed.
2.
Judgements and estimates
The
preparation of financial statements in conformity with IFRS
requires management to make estimates, judgements and assumptions
that affect the application of policies and reported amounts of
assets and liabilities, income and expenses. These estimates and
associated assumptions are based on historical experience and
various other factors believed to be reasonable under the
circumstances, and the results of such estimates form the basis of
carrying values of assets and liabilities that are not readily
apparent from other sources. Actual results could differ materially
from these estimates. These underlying assumptions are reviewed on
an ongoing basis. A revision to an accounting estimate is
recognised in the period in which the estimate is revised if the
revision affects only that period or in the period of the revision
and future periods if these are also affected. Principal sources of
estimation uncertainty have been set forth below. Actual results
may differ from estimates.
Critical estimates
Long-lived assets
At
June 30, 2024, the Group had €10.94BN of property, plant and
equipment long-lived assets, of which €10.70BN were aircraft
related. In accounting for long-lived assets, the Group must make
estimates about the expected useful lives of the assets and the
expected residual values of the assets.
In
estimating the useful lives and expected residual values of the
aircraft component, the Group considered a number of factors,
including its own historic experience and past practices of
aircraft disposals, renewal programmes, forecasted growth plans,
external valuations from independent appraisers, recommendations
from the aircraft supplier and manufacturer and other
industry-available information.
The
Group's estimate of each aircraft's residual value is 15% of market
value on delivery, based on independent valuations and actual
aircraft disposals during prior periods, and each aircraft's useful
life is determined to be 23 years.
Revisions
to these estimates could be caused by changes to maintenance
programmes, changes in utilisation of the aircraft, governmental
regulations on ageing aircraft, changes in new aircraft technology,
changes in governmental and environmental taxes, changes in new
aircraft fuel efficiency and changing market prices for new and
used aircraft of the same or similar types. The Group therefore
evaluates its estimates and assumptions in each reporting period,
and, when warranted, adjusts these assumptions. Any adjustments are
accounted for on a prospective basis through depreciation
expense.
Critical judgements
In
the opinion of the Directors, the following significant judgements
were exercised in the preparation of the financial
statements:
Long-lived assets
On
acquisition a judgement is made to allocate an element of the cost
of an acquired aircraft to the cost of major airframe and engine
overhauls, reflecting its service potential and the maintenance
condition of its engines and airframe. This cost, which can equate
to a substantial element of the total aircraft cost, is amortised
over the shorter of the period to the next maintenance check
(usually between 8 and 12 years) or the remaining useful life of
the aircraft.
3.
Seasonality of operations
The
Group's results of operations have varied significantly from
quarter to quarter, and management expects these variations to
continue. Among the factors causing these variations are the
airline industry's sensitivity to general economic conditions and
the seasonal nature of air travel. Accordingly, the first
half-year typically results in higher revenues and
results.
4.
Income tax expense
The
Group's consolidated tax expense for the quarter ended June 30,
2024 of €41M (June 30, 2023: €78M) comprises a current
tax charge of €23M and a deferred tax charge of €18M
primarily relating to the temporary differences for property, plant
and equipment and net operating losses. No significant or
unusual tax charges or credits arose during the quarter. The
effective tax rate was approximately 10.2% for the quarter ended
June 30, 2024 (June 30, 2023: 10.5%) and is the result of the mix
of profits and losses incurred by Ryanair's operating subsidiaries
primarily in Ireland, Malta, Poland and the U.K.
5.
Contingencies
The
Group is engaged in litigation arising in the ordinary course of
its business. The Group does not believe that any such
litigation will individually, or in aggregate, have a material
adverse effect on the financial condition of the Group. Should the
Group be unsuccessful in these litigation actions, management
believes the possible liabilities then arising cannot be determined
but are not expected to materially adversely affect the Group's
results of operations or financial position.
6.
Capital commitments
At
June 30, 2024 the Group had an operating fleet of 567 (2023: 530)
Boeing 737 and 27 (2023: 28) Airbus A320 aircraft. In September
2014, the Group agreed to purchase up to 200 (100 firm and 100
options) Boeing 737-8200 aircraft which was subsequently increased
to 210 firm orders in December 2020. At June 30, 2024, the Group
had taken delivery of 156 of these aircraft. The remaining aircraft
are due to be delivered ahead of Summer 2025. In May 2023, the
Group ordered up to 300 (150 firm and 150 options) new Boeing
737-MAX-10 aircraft for delivery between 2027 to 2033. This
transaction was approved at the Company's AGM in September
2023.
7.
Analysis of operating revenues and segmental analysis
The
Group determines and presents operating segments based on the
information that internally is provided to the Group CEO, who is
the Company's Chief Operating Decision Maker (CODM).
The
Group comprises five separate airlines, Buzz, Lauda Europe (Lauda),
Malta Air, Ryanair DAC and Ryanair UK (which is consolidated within
Ryanair DAC). Ryanair DAC is reported as a separate segment as it
exceeds the applicable quantitative thresholds for reporting
purposes. Buzz, Malta and Lauda do not individually exceed the
quantitative thresholds and accordingly are presented on an
aggregate basis as they exhibit similar economic characteristics
and their services, activities and operations are sufficiently
similar in nature. The results of these operations are included as
'Other Airlines.'
The
CODM assesses the performance of the business based on the profit
or loss after tax of each airline for the reporting period.
Resource allocation decisions for all airlines are based on airline
performance for the relevant period, with the objective in making
these resource allocation decisions being to optimise consolidated
financial results. Reportable segment information is presented as
follows:
Quarter
Ended
|
Ryanair DAC
|
Other Airlines
|
Elimination
|
Total
|
|
Jun 30,
|
Jun 30,
|
Jun 30,
|
Jun 30,
|
2024
|
2024
|
2024
|
2024
|
|
€M
|
€M
|
€M
|
€M
|
Scheduled
revenue
|
2,295.9
|
33.0
|
-
|
2,328.9
|
Ancillary
revenue
|
1,297.2
|
-
|
-
|
1,297.2
|
Inter-segment
revenue
|
188.5
|
380.5
|
(569.0)
|
-
|
Segment
revenue
|
3,781.6
|
413.5
|
(569.0)
|
3,626.1
|
|
|
|
|
|
Reportable segment profit after income tax
|
332.4
|
27.6
|
-
|
360.0
|
|
|
|
|
|
Other segment information:
|
|
|
|
|
Depreciation
|
(303.2)
|
(10.0)
|
-
|
(313.2)
|
Net
finance income/(expense)
|
30.1
|
(2.0)
|
-
|
28.1
|
Capital
expenditure
|
380.1
|
20.0
|
-
|
400.1
|
|
|
|
|
|
Segment
assets
|
17,639.0
|
374.3
|
-
|
18,013.3
|
Segment
liabilities
|
(9,534.6)
|
(652.2)
|
-
|
(10,186.8)
|
Quarter Ended
|
Ryanair DAC
|
Other Airlines
|
Elimination
|
Total
|
|
Jun 30,
|
Jun 30,
|
Jun 30,
|
Jun 30,
|
2023
|
2023
|
2023
|
2023
|
|
€M
|
€M
|
€M
|
€M
|
Scheduled
revenue
|
2,443.9
|
29.8
|
-
|
2,473.7
|
Ancillary
revenue
|
1,175.6
|
-
|
-
|
1,175.6
|
Inter-segment
revenue
|
184.0
|
342.8
|
(526.8)
|
-
|
Segment
revenue
|
3,803.5
|
372.6
|
(526.8)
|
3,649.3
|
|
|
|
|
|
Reportable segment profit after income tax
|
633.3
|
29.6
|
-
|
662.9
|
|
|
|
|
|
Other segment information:
|
|
|
|
|
Depreciation
|
(264.5)
|
(10.4)
|
-
|
(274.9)
|
Net
finance income/(expense)
|
20.3
|
(2.2)
|
-
|
18.1
|
Capital
expenditure
|
(519.3)
|
(12.6)
|
-
|
(531.9)
|
|
|
|
|
|
Segment
assets
|
16,128.8
|
564.2
|
-
|
16,693.0
|
Segment
liabilities
|
(9,646.1)
|
(895.8)
|
-
|
(10,541.9)
|
The
following table disaggregates revenue by primary geographical
market. In accordance with IFRS 8, revenue by country of departure
has been provided where revenue for that country is in excess of
10% of total revenue. Ireland is presented as it represents the
country of domicile. "Other" includes all other countries in which
the Group has operations.
|
|
Quarter Ended
June 30, 2024
|
Quarter Ended
June 30, 2023
|
|
|
€M
|
€M
|
|
|
|
|
Italy
|
|
781.7
|
796.4
|
Spain
|
|
640.1
|
656.3
|
United
Kingdom
|
|
526.6
|
544.2
|
Ireland
|
|
196.0
|
210.8
|
Other
|
|
1,481.7
|
1,441.6
|
Total
revenue
|
|
3,626.1
|
3,649.3
|
Ancillary
revenues comprise revenues from non-flight scheduled operations,
inflight sales and internet-related services. Non-flight scheduled
revenue arises from the sale of discretionary products such as
priority boarding, allocated seats, car hire, travel insurance,
airport transfers, room reservations and other sources, including
excess baggage charges and other fees, all directly attributable to
the low-fares business.
The
vast majority of ancillary revenue is recognised at a point in
time, which is typically the flight date. The economic factors that
would impact the nature, amount, timing and uncertainty of revenue
and cashflows associated with the provision of passenger
travel-related ancillary services are homogeneous across the
various component categories within ancillary revenue. Accordingly,
there is no further disaggregation of ancillary revenue required in
accordance with IFRS 15.
8.
Property, plant and equipment
Acquisitions and disposals
During the quarter ended June 30, 2024, net capital additions
amounted to €0.39BN principally reflecting aircraft
deliveries in the period and capitalised maintenance offset by
depreciation.
9.
Related party transactions
The Company's related parties include its subsidiaries, Directors
and Key Management Personnel. All transactions with subsidiaries
eliminate on consolidation and are not disclosed.
There were no related party transactions in the quarter ended June
30, 2024 that materially affected the financial position or the
performance of the Group during that period and there were no
changes in the related party transactions described in the 2024
Annual Report that could have a material effect on the financial
position or performance of the Group in the same
period.
10. Financial
instruments and financial risk management
The Group is exposed to various
financial risks arising in the normal course of business. The
Group's financial risk exposures are predominantly related
to commodity
price, foreign exchange and interest rate risks. The Group uses
financial instruments to manage exposures arising from these
risks.
These condensed consolidated
interim financial statements do not include all financial risk
management information and disclosures required in the annual
financial statements and should be read in conjunction with the
2024 Annual Report. There
have been no changes in our risk management policies in the
period.
Fair value hierarchy
Financial
instruments measured at fair value in the balance sheet are
categorised by the type of valuation method used. The different
valuation levels are defined as follows:
● Level
1: quoted prices (unadjusted) in active markets for identical
assets or liabilities that the Group can access at the measurement
date.
● Level
2: inputs other than quoted prices included within Level 1 that are
observable for that asset or liability, either directly or
indirectly.
● Level
3: significant unobservable inputs for the asset or
liability.
Fair value estimation
Fair
value is the price that would be received to sell an asset, or paid
to transfer a liability, in an orderly transaction between market
participants at the measurement date. The following methods and
assumptions were used to estimate the fair value of each material
class of the Group's financial instruments:
Financial instruments measured at fair value
● Derivatives
- interest rate swaps: Discounted
cash-flow analyses have been used to determine their fair value,
taking into account current market inputs and rates. The Group's
credit risk and counterparty's credit risk is taken into account
when establishing fair value (Level 2).
● Derivatives
- currency forwards, jet fuel forward swap contracts and carbon
contracts: A
comparison of the contracted rate to the market rate for contracts
providing a similar risk profile at June 30, 2024 has been used to
establish fair value. The Group's credit risk and counterparty's
credit risk is taken into account when establishing fair value
(Level 2).
● Derivatives
- jet fuel call options: The
fair value of jet fuel call options is determined based on standard
option pricing valuation models (Level 2).
The
Group policy is to recognise any transfers between levels of the
fair value hierarchy as of the end of the reporting period during
which the transfer occurred. During the quarter ended June 30,
2024, there were no reclassifications of financial instruments and
no transfers between levels of the fair value hierarchy used in
measuring the fair value of financial instruments.
Financial instruments not measured at fair value
● Long-term
debt: The
repayments which the Group is committed to make have been
discounted at the relevant market rates of interest applicable at
June 30, 2024 to arrive at a fair value representing the amount
payable to a third party to assume the
obligations.
The
fair value of financial assets and financial liabilities, together
with the carrying amounts in the condensed consolidated balance
sheet, are as follows:
|
At Jun 30,
|
At Jun 30,
|
At Mar 31,
|
At Mar 31,
|
|
2024
|
2024
|
2024
|
2024
|
|
Carrying
|
Fair
|
Carrying
|
Fair
|
|
Amount
|
Value
|
Amount
|
Value
|
Non-current financial assets
|
€M
|
€M
|
€M
|
€M
|
Derivative financial instruments:
|
|
|
|
|
- U.S. dollar currency forward contracts
|
21.4
|
21.4
|
3.2
|
3.2
|
-
Jet fuel & carbon derivatives contracts
|
38.2
|
38.2
|
0.1
|
0.1
|
|
59.6
|
59.6
|
3.3
|
3.3
|
Current financial assets
|
|
|
|
|
Derivative financial instruments:
|
|
|
|
|
- U.S. dollar currency forward contracts
|
140.6
|
140.6
|
144.0
|
144.0
|
- Jet fuel & carbon derivative contracts
|
159.1
|
159.1
|
205.5
|
205.5
|
|
299.7
|
299.7
|
349.5
|
349.5
|
Trade receivables*
|
100.5
|
|
76.4
|
|
Cash and cash equivalents*
|
3,955.1
|
|
3,875.4
|
|
Financial asset: cash > 3 months*
|
526.1
|
|
237.8
|
|
Restricted cash*
|
6.4
|
|
6.4
|
|
|
4,887.8
|
299.7
|
4,545.5
|
349.5
|
Total financial assets
|
4,947.4
|
359.3
|
4,548.8
|
352.8
|
|
|
|
|
|
|
At Jun 30,
|
At Jun 30,
|
At Mar 31,
|
At Mar 31,
|
|
2024
|
2024
|
2024
|
2024
|
|
Carrying
|
Fair
|
Carrying
|
Fair
|
|
Amount
|
Value
|
Amount
|
Value
|
Non-current financial liabilities
|
€M
|
€M
|
€M
|
€M
|
Derivative financial instruments:
|
|
|
|
|
- U.S. dollar currency forward contracts
|
1.2
|
1.2
|
3.3
|
3.3
|
|
1.2
|
1.2
|
3.3
|
3.3
|
Non-current maturities of debt:
|
|
|
|
|
- Long-term debt
|
488.8
|
488.8
|
488.7
|
488.7
|
- Bonds
|
2,044.8
|
1,977.0
|
2,043.5
|
1,971.6
|
|
2,533.6
|
2,465.8
|
2,532.2
|
2,460.3
|
|
2,534.8
|
2,467.0
|
2,535.5
|
2,463.6
|
|
|
|
|
|
Current financial liabilities
|
|
|
|
|
Derivative financial instruments:
|
|
|
|
|
- Jet fuel & carbon derivative contracts
|
56.1
|
56.1
|
178.8
|
178.8
|
|
56.1
|
56.1
|
178.8
|
178.8
|
|
|
|
|
|
Current maturities of debt:
|
|
|
|
|
- Short-term debt
|
45.0
|
45.0
|
50.0
|
50.0
|
|
45.0
|
45.0
|
50.0
|
50.0
|
Trade payables*
|
873.8
|
|
792.2
|
|
Accrued expenses*
|
1,987.3
|
|
1,603.1
|
|
|
2,962.2
|
101.1
|
2,624.1
|
228.8
|
Total financial liabilities
|
5,497.0
|
2,568.1
|
5,159.6
|
2,692.4
|
*The fair value of each of these financial instruments approximate
their carrying values due to the short-term nature of the
instruments.
11. Shareholders'
equity and shareholders' returns
In
line with the Group's Dividend Policy, the Directors proposed a
final dividend of €0.178 per share payable after the
Company's AGM in September 2024.
In
the quarter ended June 30, 2024 the Company bought back, and
cancelled, approximately 12M ordinary shares (as part of a
€700M share buyback programme announced, and launched, in May
2024) at a total cost of €249M. This buyback was equivalent
to approximately 1% of the Company's issued share capital at March
31, 2024.
As
a result of the share buybacks in the quarter ended June 30, 2024,
share capital decreased by approximately 12M ordinary shares with a
nominal value of €0.1M and the other undenominated capital
reserve increased by a corresponding €0.1M. The other
undenominated capital reserve is required to be created under Irish
law to preserve permanent capital in the Parent
Company.
12. Post
balance sheet events
Between
July 1, 2024 and July 18, 2024 the Company bought back
approximately 7M ordinary shares at a total cost of €130M
under its €700M share buyback programme which commenced in
May 2024. This brought total spend under the programme to
€379M.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf
by the undersigned, hereunto duly authorized.
Date: 22
July, 2024
|
By:___/s/
Juliusz Komorek____
|
|
|
|
Juliusz
Komorek
|
|
Company
Secretary
|
Ryanair (PK) (USOTC:RYAOF)
過去 株価チャート
から 6 2024 まで 7 2024
Ryanair (PK) (USOTC:RYAOF)
過去 株価チャート
から 7 2023 まで 7 2024